Energy

Saudi Aramco hits $2 trillion market cap on second day of trading

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Signage of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.

Hamad Mohammed | Reuters

Shares of Saudi Aramco surged on their second day of public trading, pushing the kingdom’s record IPO to a gargantuan $2 trillion valuation and briefly touching Crown Prince Mohammed bin Salman’s long-held target for the company.

Share rose 10% to 38.7 riyals apiece ($10.32) but slipped back to 37 riyals within minutes of the market open.

The figure, nearly $1 trillion higher than the world’s next-largest public companies Microsoft and Apple, was long ridiculed and regarded with…



Source cnbc.com

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